Are you dreaming of launching your own Fantasy Sports App one day? Fantasy Sports – Today’s virtual players and mobile gamers are crazy about participating in online sports and making money! Take the Dream 11 app, for example. Within just a few years, the fantasy sports company’s profit grew by 32.4%, with an overall revenue growth of 66.21% this year.
Building an exceptional fantasy sports mobile app involves significant financial planning and the technical aspects of application development.
Creating a successful Fantasy Sports app like Dream 11 isn’t just about having a solid idea! As you gear up to launch the next big thing, you must equally focus on estimating the project efforts and development costs.
Also Read: Top Mobile App Development Trends in 2024
Why Is It Important to Do Cost Estimations?
Venturing into the development of a Fantasy Sports Mobile App might be a completely new thing for you. As you move forward with your app idea, you must focus on planning the entire project. The first step of planning is to do the probable cost estimations. Here are the reasons why:
a) Forecast the required resources for your project.
b) Allocate the budget to hire professional developers.
c) Estimate how much to spend on tools and technology.
d) Fix the project duration to analyze the efforts required.
e) Calculate various types of expenses involved in the entire project.
f) Figure out the marketing requirements of your app.
Once you create a roadmap for financial planning, you can identify potential financial risks or challenges you might face. So, conducting comprehensive cost estimations is more than just a preliminary step. It’s part of strategic project planning that sets the stage for developing a successful Fantasy Sports Mobile App!
Understanding The Cost Components Involved In Fantasy Sports App Development
Before we disclose how to build the app, we will take you through the critical development elements affecting the overall application development cost. Review them one by one to estimate your probable budget!
Choice Of The Hosting Platform
Your Fantasy Sports App Development journey begins with finding the right hosting platform. This initial choice revolves around iOS or Android. However, cross-platform solutions are also in high demand.
Single Platform Pricing: The development cost typically exceeds five to ten thousand USD. This translates to approximately four to eight lacks in Indian Currency.
Cross-Platform Pricing: If you want to release an app for both Apple and Android users, it can cost between ten to twenty thousand USD. Indian currency equivalent is approximately eight to sixteen lacks.
Whether you opt to develop a native app or a multi-platform app, it is up to your budget and personal planning.
Features Selection For The Fantasy Sports Mobile App
Choosing the features for your fantasy sports determines the success of your Fantasy Sports app! It may incur moderate costs if you decide to release a basic app with limited features like joining leagues and player drafting initially. However, advanced functionalities come at higher price points. Here are all the necessary application features that you might consider for your fantasy sports app!
Application Features For Users:
a) User Registration
c) Choose the Tournament
d) Join the Tournament
e) Multiple Payment Modes
f) Create Contest
g) Invite and Earn
Features For Admin Controls:
a) Admin Login
b) Manage Results and Rewards
c) Payment Management
d) Push Notifications
e) User Management
f) Manage Leagues
g) Analytics Dashboard
a) Live Group Chat
b) Social Media Sharing
c) Live Commentary Feed
d) Live Video Streaming of Games
e) Chatbot API Integration
Considering incorporating these features, the development cost for a comprehensive fantasy sports app can range from 15 to 50 thousand USD, or approximately 12 to 41 lacks INR. The final price may vary based on the features you finalize to integrate into your Fantasy Sports Mobile App.
Also Read: Timeline to Develop your Mobile App
Investment In Technology Stack For App Development
Now, let’s select the right technology stack your team of application developers requires to create the ultimate fantasy sports app.
Cloud Environment: Directly host your application on cloud platforms like AWS or Azure and enjoy a flexible pricing model based on resource utilization.
Front-end Development: Tools like JQuery or AngularJS are Open Source and generally Free.
Database: Employ databases like MongoDB or MySQL that offer a free community version and licensed enterprise versions for you to choose from.
Push Notifications: Utilize Twilio and Amazon SNS services that charge approximately $0.0075 per message and offer scalable push notification solutions.
Payment Integration: Incorporate payment gateways like Braintree or Paypal that charge 2.9% + $0.30 per online transaction.
Sports API: Integrate sports APIs like Goalserve and Sportsmonks that range from $50 to $500 monthly to provide accurate sports data.
These estimations give you a broader picture of how much the entire application development can cost. Keep reading as we disclose the other involved expenses you must consider!
Design Costs For The App’s UI/UX Elements
It’s time to estimate the crafting expenses of an appealing and user-friendly application. Here are the UI/UX elements that can impact your design costs:
Wireframing and Prototyping: The price can vary from one to three thousand USD.
Visual Designing Cost: It can range from three to seven thousand USD to create the graphical elements.
User Interface Development: If you hire professional UI/UX designers, they can charge between two and six thousand USD.
You might incur additional costs for responsive application design suitable for multiple devices.
Hiring App Development Experts
Want to hire an application development company like Algoworks? It’s best to transfer the entire application development responsibility to professional developers. The development partner will charge you depending on the level of customization you seek. However, they will help you until your app becomes live and ready to download!
Another alternative is to create an in-house app development team. How much you spend depends on your team size and their work hours. However, paying a team of app developers is much more expensive than outsourcing through an app development company.
Legal and Copyright Expenses
This is the final cost component for estimating the total app development cost. As the fantasy sports app involves handling copyrighted content, you must spend your money on acquiring legal rights:
Legality: Legal consultations for copyright compliance can range from $2,000 to $5,000 USD.
Transparency and Disclosure: Drafting clear legal documentation with published platform terms may cost between $1,500 to $3,000 USD.
Platform Integrity: Implementing data security measures may involve a compliance audit of around $3,000 USD.
These are all mandatory spends to ensure your Fantasy Sports Mobile App complies with all industry standards and data protection laws.
What Is The Development Process Of The Fantasy Sports Mobile App?
Have you understood the cost of publishing an excellent Fantasy Sports app? Before you start doing the total estimations, hear out the entire development process to stay put. Whether you host in-house developers or outsource the development to a reputed app development company, it’s best to know the development phases yourself!
Conceptualization & Market Research
Define the app’s purpose alongside its unique features that will set it apart from other Fantasy Stoprts apps. Conduct deep market research for competitor analysis. Check what global players like CBS Fantasy Sports and Dream 11 are doing. Identify the user preferences to enhance your app’s overall performance and features.
Consider the Minimum Viable Product as the foundational step for your Fantasy Sports Mobile App. You must prepare a basic application version to collect invaluable user feedback initially. So, include only the core functionalities following a quick development cycle. Once your app is available for best testing, you can refine your app’s concept and plan your future development Investments.
UI/UX Development To Offer Seamless Experience
As discussed earlier, you can hire UI and UX Developers to complete application wireframe and prototype development. You pay for their development efforts as they work on your app’s visual design elements. Ensure they deliver an intuitive and visually appealing user interface that your end-user enjoys.
Development & Testing
Once you complete the MVP development, it’s all about adding extra features and functionalities. Engage the development team to improve the application features as you receive the end-user feedback. Continuously test the feature releases so that everything works in sync. Utilizing Agile and DevOps-oriented development strategies is best to ensure Continuous Delivery of new application enhancements!
Post-Launch Support and Marketing The App
Moving on to the post-launch phase, you must allocate a budget for marketing your Fantasy Sports app. You can consider the following marketing investments to represent your app to a broader customer base:
App Store Optimization: Consider adding strategic keywords within the web content to optimize your app and create more engaging visuals.
Paid Advertising: You can look for campaigns that pay well to run their ads. Once you run their ads, you represent your Fantasy Sports app to their audience.
Influencer Marketing: Collaborate with global players and sportspeople to reach out to their fanbase and increase your app’s credibility.
Public Relations: Utilize PR strategies to create a positive image of your app as you post digital ads to garner media attention.
If you don’t know how to plan your marketing move, you can invest in hiring a reputed marketing agency. They will plan and execute the entire application marketing strategy while you will pay for their services!
Fantasy Sports Monetization Strategy – How To Make Money From The App?
Finally, your app is almost ready for the big public release. It’s now the right time to unlock different revenue streams for your fantasy sports app. Here are a few application monetization strategies that you can consider incorporating your app:
Running Target Ads: Include various paid advertising within the app and get paid by the advertisers. It’s an easy way to make profits through advertising.
Freemium Model: Always keep a free application model with basic features for first-time users to try. Later, you can ask them to upgrade to a premium tier plan.
Participation Fees: When your app organizes paid contests, you can charge entry fees from the players and distribute a percentage of profits as a winning prize.
Sponsorships and Partnerships: Collaborate with sports entities or brands for sponsorships. The mutually beneficial partnerships can quickly help you make good money.
In-App Purchases: Enhance the user experience by offering virtual goods or power-ups for users to buy. As the players purchase those items, you can make significant profits!
Thus, you can position your Fantasy Sports Mobile App as a strong competitor to apps like Dream 11 and MPL in 2024!
Let’s Decide – Is Investing In A Fantasy Sports App A Good Choice?
How was your experience hovering through the different segments we discussed about developing the ultimate Fantasy Sports Mobile App of 2024? Indeed, investing in a Fantasy Sports Mobile App is a lucrative endeavor that leads you to all these amazing advantages:
a) Active player participation promotes strong brand loyalty
b) You make huge profits through application monetization
c) You offer players a stable platform with diverse functionalities
d) Establish a touchpoint for direct fan interaction
With upcoming tournaments like IPL or Super Bowl 2024, the right time to invest in a Fantasy Storts App is now. Don’t let this opportunity pass as you choose the right development partner like Algoworks. With years of expertise and dedication, we are here to help you build the Fantasy Sports Mobile App of your dreams!
Call us today to discuss your mobile app idea to turn into reality.
About Us: Algoworks is a B2B IT firm providing end-to-end product development services. Operating chiefly from its California office, Algoworks is reputed for its partnership with Fortune 500 companies such as Amazon, Dell, Salesforce, and Microsoft. Algoworks is an expert in Mobile App Development with experience in catering to enterprises belonging to all domains. This includes: Android App Development, iOS App Development, ReactNative App Development, Flutter App Development etc. For more information, contact us here.